Imperfect competition stems from _____ and whether or not the product is _____.
A)the product price; produced by all firms in the market
B)the costs of production; identical across firms
C)market power; a good or a service
D)the number of sellers; differentiated

Question

Quizplus · Accepted Answer

Imperfect competition occurs when there are not many sellers in the market and the products offered are differentiated, meaning they are not identical and can vary in quality, features, or branding among different sellers.

Imperfect Competition Stems from _____ and Whether or Not the Product